Ways to Build Wealth

It is important to recognize what building wealth means to you before we look at the various ways to build wealth, because there are essentially two categories of wealth building mindsets.

To be perfectly clear, there are different aspects of wealth – financial, spiritual and health. In this instance we are looking specifically at financial wealth. I assume you are reading this because you want some money, more money, or lots of money…you get the picture. So, let’s examine the two types of financial mindsets here. Simply put, you have to ask yourself, what does wealth mean to you?

Is wealth having a hefty bank balance (this is the “accumulation” mindset) or does wealth mean never having to worry about money or money related issues again (“residual” mindset)? Once you have settled on an answer to this, you are now ready to look at ways to build wealth!

Ways to Build Wealth, Step 1 – Let Go of the Poverty Mindset.

An alarming and sobering statistic from the Department of Health and Human Services states that a whopping 95% of people today reach retirement age either dead or “dead broke.” To avoid falling into such a predicament, let us have a look at the lifestyle patterns and trends that lead to this result.

First, people leave high school and head for college intending to land their dream job when they graduate. During their years at college they start to take on consumer debt and student loans. When they eventually graduate, they set out into the “real world” already in debt. Unfortunately, our school curriculums spend little if any time on the real-world economics of personal debt, equity, and wealth building.

As such, people begin to relinquish control of their entire financial well being. A big part of giving up this control begins as they start working in someone else’s business as an employee with the hope of one day receiving a pension, or some other type of employment-related retirement plan. They relinquish control by hiring an investment company to “properly” invest their money in the hope of creating a large nest egg. Most often, they do these things trusting other people without understanding what it is these other people are doing.

Work and work, save and hope – this style of “accumulation mindset” to wealth building leads most people to a very low level of wealth accumulation. That’s what 95% of the country is doing, at best.

Another key factor is your thoughts, opinions and beliefs about money and other people who have wealth. Do you have a vision? Do you think of ways to build wealth? Do you see yourself as wealthy, even when you are not “there” yet? Are you always worried about the next bill? Or, do you have an “abundance” mentality? This is your “financial thermostat”. If you view wealth as something evil, you are setting your own financial thermostat to be lower than the money you would like to have for retirement.

Ways to Build Wealth, Step 2 – Think Big!

Given the above-mentioned statistics, on the flip side, 4% of new retirees arrive with financial “independence”. This is defined by Department of Health and Human Services as an ability to pay yourself around $3,000 per month during retirement. Not really such a dream come true, is it?

Because this mentality has filtered through the Baby Boom Generation for so long, the gap between the truly wealthy and everyone else continues to grow. Few people understand that today’s US Dollar can only buy 11 cents worth of 1950 goods and services due to constant dollar devaluation as a result of annual government deficits.

It is possible to achieve financial freedom and there ARE ways to build wealth, REAL wealth! In recent years, with the economy struggling, many people have turned to the internet searching for ways to build wealth and how to supplement or replace their income. The result is that many have found a very real means of amassing great wealth and financial freedom.

If you want to find ways to build wealth, you must do what the wealthy do. For example, the wealthy invest in assets that are less affected by government spending, such as real estate, precious metals, and fine art. The wealthy also find ways to leverage other assets, such as bank financing, or investing in other people’s businesses, so that they can multiply their income at a rate much higher than “traditional” sources of investment.

Think outside the box. You can achieve a passive (residual) income using concepts that the wealthy use. Invest in your education, beyond the traditional classroom, by understanding how to leverage opportunities that are not necessarily ‘mainstream’. Investing in self-improvement is an investment you will carry for your entire lifetime. Learn how to market on the internet; learn how blogging can make you money; learn how to drive traffic to a sales page and to generate income on the internet. Learn direct sales techniques. Have your own business online.

The reason business ownership builds wealth is because the wealthy learn about and maintain control of their finances. And, they are able to leverage employees and other businesses to build customer value, which increases revenues and income. By educating yourself on business and wealth-building techniques, and modeling successful people’s actions, you can take control of your own finances and build your own path to independence!

If you are truly interested in ways to build wealth, begin by leveraging proven programs built by people who started just like you: